Benefiting from the inherent properties of ultralight weight, ultrahigh porosity, ultrahigh specific surface area, adjustable thermal/electrical conductivities, and mechanical flexibility, aerogels are considered ideal supporting alternatives to efficiently encapsulate phase change materials (PCMs) and rationalize phase transformation behaviors. The marriage of versatile aerogels and PCMs is a milestone in pioneering advanced multifunctional composite PCMs. Emerging aerogel-based composite PCMs with high energy storage density are accepted as a cutting-edge thermal energy storage (TES) concept, enabling advanced functionality of PCMs. Considering the lack of a timely and comprehensive review on aerogel-based composite PCMs, herein, we systematically retrospect the state-of-the-art advances of versatile aerogels for high-performance and multifunctional composite PCMs, with particular emphasis on advanced multiple functions, such as acoustic−thermal and solar−thermal−electricity energy conversion strategies, mechanical flexibility, flame retardancy, shape memory, intelligent grippers, and thermal infrared stealth. Emphasis is also given to the versatile roles of different aerogels in composite PCMs and the relationships between their architectures and thermophysical properties. This review also showcases the discovery of an interdisciplinary research field combining aerogels and 3D printing technology, which will contribute to pioneering cutting-edge PCMs. This review aims to arouse wider research interests among interdisciplinary fields and provide insightful guidance for the rational design of advanced multifunctional aerogel-based composite PCMs, thus facilitating the significant breakthroughs in both fundamental research and commercial applications.